With shifting sustainability regulations in the U.S. and Europe, the concept of sustainability is facing increased scrutiny and has often become a topic of much discussion. This volatility has often placed sustainability at the center of policy and business debates.
Yet we’re reminded by science — and the weather events and patterns we’re experiencing — that scrutiny and debate should still be followed by action. A steady, strategic approach to sustainability is needed.
“Sustainability issues just happen to be the defining problems of our time,” writes Sphera CEO Paul Marushka in his book Sustainable Success. And problems can create opportunities for the forward-thinking business leader with a keen sense for what’s possible.
Marushka believes sustainability is a business strategy. True leaders treat it as a long-term business driver, and they stay true to course regardless of regulatory developments and shifting political winds.
With a balanced, innovative approach to sustainability, companies can thrive in any market or regulatory environment. Let’s delve deeper into the book to investigate how business leaders can get started on this journey.
Sustainability’s role in innovation
Sustainability benefits people, the planet, a company’s profit and its performance. First of all, companies that are developing innovative solutions to today’s problems are shaping a brighter future for society and for their stakeholders. That’s good business.
But sustainable measures can also reduce costs. For example, Memorial Hermann Health System in Texas has achieved $174 million in energy cost savings since 2009 and significantly reduced its carbon footprint in the process.
Marushka observes the current discourse through the wide-angle lens of history. Seen in perspective, cultural change has often sparked innovation. Companies create new products in response to shifts in demand or attitudes. “Cultural movements or even political pressure may provide the spark,” he writes, “But business is the machinery of change.”
Looking at history provides further encouraging evidence. Each wave of cultural or political pressure has led to breakthroughs, whether in automotive manufacturing, retail sales or the oil industry. Innovating to improve sustainability frequently yields tangible business benefits.
From safer machines to cleaner production methods, visionary businesses have spotted trends and fulfilled the growing consumer desire for sustainability. By measuring and showcasing their progress, these companies build stronger brands and attract new buyers.
Business as a “Force for Good”
Forward-thinking leaders transform the spark of change into lasting progress and prosperity for the organization. They scan the horizon for what lies ahead, so they can act and react faster to changing circumstances than their competitors.
This proactive approach often leads to new technologies or processes that reshape industries, improve working conditions or reduce environmental impacts. In fact, through sustainability innovation, businesses do more than transform their own operations; they become a Force for Good.
The power and balance of stakeholders
Success in sustainability lies in achieving and maintaining balance. Businesses thrive when they achieve an equilibrium between value delivered to stakeholders, such as customers, employees and communities, and the value they receive in return.
Tipping the balance to value profit over people and the planet is unsustainable. Look back in recent decades to the catastrophic industrial explosions or chemical spills that resulted in worker fatalities and cost billions in fines, clean-up and facility restoration costs and damages paid to surrounding communities.
Companies that adopt strict safety measures or less damaging production processes reduce their costs in the long term. Sustainable innovation also earns them goodwill and loyalty among their own employees, socially and environmentally conscious customers and stakeholders. As Marushka states simply, “Innovation drives prosperity.”
A data-driven, measured approach
Sustainability strategies vary widely across industries and regions. Financial services, heavy manufacturing and retail businesses face dramatically different stakeholder expectations. This is why leaders must adopt customized approaches that consider local regulations, market dynamics and cultural nuances.
To be successful, sustainability initiatives should be based on robust data analysis. Businesses need to monitor, assess and refine their innovations continually. When projects fall short, it’s essential to evaluate what went wrong and apply those insights to future efforts. To do this, you have to find the right people and the best technology, Marushka advises. “It also requires you to follow the data.”
The right sustainability strategy also anticipates what’s ahead. Using this focused, pragmatic approach, leaders ensure that they allocate the resources to support innovative solutions.
The future of sustainability and business innovation
Some corporate leaders do not believe the sustainability path is feasible. Yet businesses that innovate and operationalize sustainability will prevail over those that don’t. They will enjoy the benefits of greater capital, better products and processes and a more engaged workforce.
Guided by a nuanced, measured approach to sustainability, companies can prosper across regional lines, in any market or regulatory environment. Even better, they contribute to a future that’s full of promise.
Sustainable Success coming soon
Understand how to create a balanced, strategic approach to sustainability: The insights and expertise of sustainability business leader Paul Marushka will soon be available in Sustainable Success: How Businesses Win as a Force for Good. The book uses historical examples and fascinating anecdotes to provide an in-depth look at how businesses win as a Force for Good. Most importantly, the book offers guidance business leaders can use to balance the demands of customers, employees and shareholders with the pressing needs of our environment. Pre-order your copy now.
